USDT King of Stablecoins? Here’s why that could change very quickly

Tether claims 500 million users for its USDT stablecoin, reaching an unprecedented milestone in digital finance. Behind this colossal figure, the company confirms its ambition: to become a pillar of global financial inclusion. While USDT is gaining ground in everyday use, especially in emerging economies, Tether is now expanding its influence into a new strategic area: global regulation. More than just a record, this announcement marks the rise of a player who has become central to the Web3 currency architecture.

The global expansion of a stablecoin that has become essential

It was Paolo Ardoino, CEO of Tether, who revealed a remarkable statistic on October 21: USDT would now be used by more than 500 million people worldwide, while the stablecoin issuer could become the most profitable crypto company in history.

 

That suggests “This development reflects the greatest achievement in financial inclusion in history ».

The announcement comes as the token’s capitalization approaches $182 billion, strengthening its leadership position among dollar-indexed digital currencies. “Programmable money is the social network par excellence: a peer-to-peer structure that transfers both information and value”clarified and highlighted the fundamentally transversal nature of USDT in digital economic exchanges.

This message is part of a communication strategy to position Tether as a player serving the unbanked population.

In addition to institutional communication, several specific initiatives allow us to understand how Tether reached this historic adoption threshold. The development of USDT in developing countries represents a major lever for this growth, mainly through the following uses:

• Remittance: USDT is used as a faster and cheaper alternative to traditional banking channels for international money transfers;

• Everyday payments: in economies plagued by currency instability, some merchants and individuals prefer to transact directly in stablecoins;

• Community Partnerships: Tether has stepped up its outreach efforts to integrate USDT into local ecosystems in collaboration with fintechs and associations;

• A mobile-first strategy: adoption is facilitated by lightweight solutions, often accessible from a simple smartphone, without the need for a bank account.

Designed for local economic realities, this positioning has allowed Tether to capture a user base far beyond the boundaries of the traditional crypto sector. The company now intends to extend this model to the US market through the upcoming launch of a stablecoin called USAT, exclusively for the territory.

Regulation, Record Profits, and Challenges Ahead of Tether

Beyond adoption numbers and on-chain data, it’s in the area of ​​regulation that Tether now rests its credibility on. The company reported a record net profit of $4.9 billion in the second quarter of this year, surpassing its previous high of $4.52 billion in the first quarter.

This unprecedented profitability ranks Tether among the most profitable private technology companies. However, this growing financial exposure is also attracting the attention of regulators. Ardoino, who was present at the signing of the GENIUS Act by Donald Trump, saw his company enter the radar of the authorities. In particular, the law imposes a mandatory annual audit for any stablecoin issuer with a market capitalization of more than USD 50 billion.

In Europe the situation is completely different. The gradual entry into force of the MiCA regulation, imposing strict compliance standards, caused USDT’s market share to decline, falling from 70% in November 2024 to almost 60% in October 2025. Most exchanges on the continent were forced to withdraw USDT pairs as the asset was not fully compliant with the new requirements.

In the face of this pressure, Ardoino assured that Tether is working to increase the transparency of its operations, notably by continuing to publish attestation reports while seeking to obtain an audit from one of the “The Big Four” such as Deloitte or PwC. However, the lack of independent auditing remains a significant issue regularly raised by opponents of stablecoins.

In the long term, several scenarios are offered. On the one hand, major US banks, including JPMorgan, Bank of America or Citigroup, are starting to think about their own digital currencies, using the framework offered by the GENIUS Act to compete with Tether on its own ground. Arduino does not deny the threat, but responds by saying that “Tether has better technology and a deeper understanding of the market than its competitors“.

On the other hand, the creation of the new stablecoin USAT, which is dedicated to the American market, represents an attempt at strategic anticipation in the face of this institutional pressure. The operation will be carried out without raising funds through the issue of new shares, a sign of a desire for tight control over management.

Exceeding the milestone of 500 million users is not just a symbol. This reveals a change of scale for the stablecoin industry. However, this success cannot mask the growing regulatory tensions that Tether has to face. Between global ambitions and local constraints, between record profits and calls for transparency, the company is playing a delicate game. The outcome will depend on his ability to adapt to the new rules of the game without losing the agility that made him successful.

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The comments and opinions expressed in this article are solely those of the author and should not be considered investment advice. Before making any investment decision, do your own research.